Last week, Dogecoin (DOGE) and other cryptocurrencies experienced a notable price decline. This came amid reports of US enforcement actions targeting Binance, the world’s largest exchange, and its CEO, Changpeng “CZ” Zhao.
Notably, DOGE faced a collective price decrease of 6.85%, marking it as one of the significant losers over the past seven days, according to CoinMarketCap data.
Despite this setback, there are encouraging developments for the meme coin that suggests investors could soon witness a substantial price increase.
Dogecoin Transactions Exceed $100,000 – Price Surge Ahead?
In a recent update on November 23, crypto analyst Ali Martinez highlighted a noteworthy milestone for DOGE. He revealed that the meme coin’s market witnessed transactions surpassing $100,000 in the past month, based on data from In The Block.
Further, Martinez suggests that this uptick in transaction volume signals growing interest from major institutional players and crypto whales. Also, he hints at a potential price boost for DOGE soon.
Adding to the positive indicators, blockchain analytics firm Santiment reported the creation of 121 new wallets holding over 1 million DOGE in the last month. Santiment interpreted it as a strong signal of substantial interest from significant investors.
Moreover, Santiment pointed out that Dogecoin experienced a notable surge in activity from previously dormant wallets, suggesting a potential reversal in the current negative price trend.
These developments collectively paint a positive outlook for DOGE, hinting at increased attention, which could shift the token’s price trajectory. As DOGE continues to capture interest, market participants are closely watching for potential price surges in the coming days.
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Co-Founder Explains Surge in DOGE Transactions
Billy Markus, the founder of Dogecoin, also known as Shibetoshi Nakamoto, explained the surge in Dogecoin transactions. He also pointed to the introduction of ordinals and “shitcoins.”
The co-founder revealed the information in a separate post on X in response to a crypto enthusiast highlighting the “parabolic” trend in the number of transactions on the Dogecoin network.
The Dogecoin Ordinals, nicknamed “Doginals,” are similar to Bitcoin Ordinals and follow the DRC-20 token standards. This allows users to encode information on the smallest individual units of Dogecoin, known as shibes.
Implementing the DRC-20 standard enables Dogecoin users to create non-fungible tokens (NFTs) supported by the Dogecoin network, contributing to a significant increase in transactions.
While this surge indicates growing network adoption, attracting potential investors, it also brings higher network fees, which may discourage some users.
As of the latest data, Dogecoin is trading at $0.078, reflecting a 0.4% gain in the last 24 hours. Its trading volume has also increased by 13.20%, reaching $374.16 million.
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